September 13, 2017 / 5:19 AM / 10 months ago

EM ASIA FX-Most Asian currencies gain as equities shine, yuan bounces

 (Adds text, updates prices)
    By Christina Martin
    Sept 13 (Reuters) - Most emerging Asian currencies brushed
off the recent dollar rally and edged higher on Wednesday as the
Chinese yuan rebounded from three straight sessions of losses
and Asian shares inched up to a 10-year high. 
    The yuan rose as much as 0.2 percent, little
impacted by the central bank's weaker fixing of the yuan
    The major Wall Street indexes hit record closing highs on
Tuesday which lifted Asian shares to a fresh 10-year peak.

    "Asia FX is responding more to capital inflows and positive
global sentiment; emerging Asian equities would be a good
gauge," said Emmanuel Ng, FX strategist at Oversea-Chinese
Banking Corporation Ltd.
    "Some normalcy has returned to the yuan fixings, but yes,
the yuan appreciation has provided a positive anchor for Asian
    The dollar was up 0.1 percent against the yen,
extending its sharp rally, and at its highest in almost two
    "Improving risk appetite levels and returning portfolio
inflows into the emerging markets region are overriding any
background dollar resilience," added Ng.
    The won gained as much as 0.3 percent, while the
Singapore dollar was on track to snap three consecutive
sessions of losses, up as much as 0.2 percent.
    Indonesia's rupiah, however, slipped 0.1 percent, and
the Philippine peso, resuming trade after markets
were shut in the previous session due to floods, also edged down
    China's yuan strengthened slightly on Wednesday,
up 0.1 percent, set to snap three consecutive days of declines, 
supported by corporate dollar selling. 
    China's central bank lowered its official yuan midpoint
 for a second straight day to 6.5382 per dollar prior
to market opening.
    "Over the last few weeks, the PBOC (People's Bank of China)
figured it had enough and steered the dollar-yuan higher this
week," said Emmanuel Ng. 
    The central bank, which earlier crushed yuan bears with a
range of measures, now now believe the currency's climb has been
too sharp. On Monday, it scrapped two rules intended to strength
the yuan.
    The following table shows rates for Asian currencies against
the dollar at 0450 GMT.
  Currency               Latest bid  Previous day  Pct Move
  Japan yen              110.10            110.16     +0.05
  Sing dlr               1.3459            1.3473     +0.10
  Taiwan dlr             30.031            30.030     -0.00
  Korean won             1127              1128.5     +0.16
  Baht                   33.080            33.109     +0.09
  Peso                   50.910            50.905     -0.01
  Rupiah                 13205              13190     -0.11
  Rupee                  64.01              64.04     +0.05
  Ringgit                4.198              4.206     +0.19
  Yuan                   6.529             6.5362     +0.12
  Change so far in 2017                                    
  Currency               Latest bid   End 2016     Pct Move
  Japan yen              110.10            117.07     +6.33
  Sing dlr               1.3459            1.4490     +7.66
  Taiwan dlr             30.031            32.279     +7.49
  Korean won             1127             1207.70     +7.19
  Baht                   33.080             35.80     +8.22
  Peso                   50.910             49.72     -2.34
  Rupiah                 13205              13470     +2.01
  Rupee                  64.005             67.92     +6.12
  Ringgit                4.198             4.4845     +6.82
  Yuan                   6.529             6.9467     +6.40

 (Reporting By Christina Martin in Bengaluru; Editing by Eric
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